All Shelf assets will be sold. 350 employees terminated in 2016 (represents about 20% of employees as of end of 2015). More terminated when remainder of Shelf is sold. Likely to eventually merge with DWEP when the "time is right."
19 replies (most recent on top)
793- giving you props. You nailed it.
Sad day for Chevron legacy in Louisiana. Worked 34 years in Lafayette & N.O. offices before retiring this year. Feel sympathy for the soon to be laid off.
Anonymous201914 - Are you an asshole? What's your title?
Anon201827 - Are you in Covington? What is your title?
Anon201302 - should you be scared about moving to the GOM BU? 1) if you arrive before Feb., you will be included in the ROM, 2) If you are not from Louisiana and you are not Caucasian, you will not like living here, racism is rampant in the local community, 3) if you have children the school system is horrible, you will need to send your kids to private school just to keep them away from the local delinquents, tuition runs $8K per kid / per year. I would call it protection money, 4) the city is very small and there is nothing to do, however, you can drive to Florida in (4) hours for weekend getaways, 5) If you are moving here, I have a nice house I will sell you. I have not lost my job yet, but family is ready to get back to civilization... 6) when you arrive in the area, I suggest you rent a house until all the people start to lose their jobs, housing is expected to decrease in value by 10-15% over the next year. I confirmed this house decrease with a local real estate agent we are working with.
Transparency entirely lacking from L1 and L2 today. Guess your jobs are safe huh? Sad you do not have the courage to be honest about what is really happening. Counter to the Chevron Way. Maybe this is the new Way. 20% cut Mike?. Give us an effing break. Its more like 60%. Do you think we are not paying attention? Do you think we are not cognizant of the true level of financial desperation GOMBU and CNAEP's actions underscore? You drag this process out for over a year and then you insult us with your BS spin. You glossed over the new life cycle category "Transition". In the ROM, transition assets Genesis, Petronius positions will be 2017 "sunset" jobs. No transparent discussion of that today. No transparent discussion of Bigfoot either. You will hear some sad news about Bigfoot team Tuesday. When the ROM org chart rolls out this week it will be a shock - especially to ES's. G&G ops better read the fine print too. D&C better pay attention too. If you are in Lafayette, well news flash: you wont be relocated to Covington and if you do not take a sunset job better pack your bags. Covington will be gutted further in late 2016 a early 2017. If oil stays in the 40s, cash flow will be severely pressured and significant additional deepwater divestitures will ensue accelerating the move to Houston. Now here is the crux, if the assets to be divested dont sell and that is a very real possibility, we will be in abandonment mode and a major financial crisis will unfold leading to a severe negative accounting condition. Hold on to your arses laddies and lasses because today was the tip of the iceberg.
Anon666 (...Ohhhh...ahhh...creepy) I also was suprised at the classification of Genesis and the lack of discussion in the meeting. It was being announced at the same time Rob Ryan was allegedly being dismissed by the Saints, some distraction there. Genesis is a rusty old gas station for chopper flights
headed out to JSM & beyond. Lack of secondary recovery has hampered Genesis since day 1.
More like 60+% plus the Tier 1s will go fast, add to that bye bye to Genesis (not keeping but curiously not discussed) and the unsaid about Petronius and the final number will hit between 80 and 90% of pre RAE numbers. The dominos are falling.
You said it right, Anonymous201348. The company is still opaque. It refuses to be transparent with its employees or the public.
350 get ROM'd. 650 get axed with shelf assets (on&offshore) leaves GOMBU at ~1100 souls by early 2017. That is about 50% in case our VP really cant add or be trsnsparent.
I'm a little perplexed on the lack of announcement on the GOM sale of assets that are rumored sold as of the end of last month. What's the hold up?
Anonymous201318 just summed it up nicely. Nobody is save from getting ROM'ed at any time. But, I think your chances of keeping your job pretty good. Chevron would not be moving you into GOMBU Finance just to waste time and money. I tend to think you are safe for now.
It all depends on your background, title, years, where you are moving from, rating, etc. I would definitely question it.
So...should I be worried if I'm being moved to a finance job in GOMBU? Concerned I'm being set up to be ROMed.
Just as evidenced in prior asset sales, there will be a select few employees (members of Friends and Family) that will be retained by Chevron. Shortly before the actual sale, the selected few will be transferred to another job within Chevron (likely in Houston) and the remaining employees will go to the buyer.
Will Chevron keep any of the field employees that are on the sold properties? If so, would that mean the employees kept (not sold) would replace employees in other fields or they would be in addition to and be placed somewhere?
They have said that for awhile, the # of employees that will transfer with the sale would not be included in the layoff number. So these numbers are in addition to the 350.
Not included in the 350 number
What about the employees that belong to the shelf properties that were just sold to Cox Oil and not announced yet?